Overthe years, governments of numerous countries have started purchasingthe development of hydrogen fuel cell infrastructure. Recently, inMay 2021, the Government of Germany announced to launch of 62large-scale hydrogen projects within a joint European hydrogenproject. Since hydrogen vehicles are highly efficient when comparedwith conventional gasoline-powered cars, government authorities arefocused on developing such infrastructures, in order to reduce carbonfootprint. Hence, such factors can stimulate growth of the HydrogenVehicle Market.
Thehydrogen fuel cell technology has improved through the years with theadvent of different technological advancements. Key companies in thefield of hydrogen fuel are focused on continuous research anddevelopment activities, in order to develop novel technologies inhydrogen fuel cells. Thus, these factors could augment growth of thehydrogen vehicle market in the near future. Recently, in April 2021,Volvo and Daimler launched a joint venture to develop hydrogen0basedfuel cell technology to power heavy goods vehicles.
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